Dubai: Aldar Properties has awarded a Dh2.7 billion contract to Arabian Construction Co (ACC) for building three towers including a 88-storeyed structure at the Central Market in the heart of Abu Dhabi's Central Business District.

The contract for Central Market is the largest single building contract to be awarded in the Abu Dhabi.

Designed by leading UK architects Foster & Partners, the Aldar project comprises a residential tower, five-star hotel tower, office tower and a four-star hotel, the residual retail podium being the final element and due for a award next month.

Tallest tower

The 88-storey residential tower will be 382 metres high and will be the tallest tower on Abu Dhabi's skyline. It will house 489 luxury apartments.

The five star hotel tower will be 55-storeys high, with 279 rooms and 132 serviced apartments.

 

The office tower will comprise 58 storeys of prime office space while the smallest tower, of 16 storeys, will be a four-star hotel with 212 rooms.

Redevelopment

"Central Market's rejuvenation will see the major redevelopment of the old souk with a focus on expanding the areas retail, residential, leisure and commercial sectors while not forgetting the reintroduction of a new yet traditionally-based souq," Aldar said in a statement.

Ahmad Al Sayegh, chairman of Aldar, said: "Central Market is changing the face of Abu Dhabi. The award of this contract is a significant step in this major re-development project for the emirate and Aldar is extremely proud to be leading this project,"

"Aldar believes that ACC is the right company for this project and we are happy to announce this agreement having spent the last few months in intensive negotiations.

"Central Market is transforming the heart of the UAE's capital and therefore it is crucial to have the right partners for this development. As the largest single building contract announced to date in the emirate, Aldar are confident that ACC are the best partners for this project," said Ronald Barrott, CEO of Aldar.

"ACC initially built Abu Dhabi's Central Market in 1971, and we are very proud to have been awarded the towers contract for its redevelopment 36 years later," said Gassan Merehbi, chairman of ACC.

"ACC's strategy has been to focus on specialised high-rise and prestigious projects in the GCC, and Central Market will be one of our most challenging projects," said Anas Mikati, vice-chairman of ACC.